Palladium moves higher on Russia's supply concerns

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Source: Dukascopy Bank SA
Precious metals except for silver climbed on Monday, gaining inspiration from hopes the Fed will continue its easy monetary policy in the nearest future. However, solid US Dollar limited gains of the commodity complex.

Gold continued to draw strength from expectations of stimulus measures by the central banks across the globe. Moreover, strong physical demand from Asia added to gains of the yellow metal.

Silver was the only loser, retreating from a three-month high as investors locked in gains after previous rally. At the same time, the grey metal may seek support from robust demand for silver coins in the US.

Platinum reached almost a 17-week high after Anglo American Platinum, the largest world's producer, reported a 8.8% decline in output in 2012. Meanwhile, global platinum production tumbled 10% last year, reported Johnson Matthey.

Palladium edged up on global output uncertainty as sales of Norilsk Nickel, the world's top palladium producer, may drop below 100,000 ounces this year and no stocks sales are expected after 2014. Global deficit may be further exacerbated by rising demand from automobile producers.
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